Best practices to create your estate planning in OSTREON Inheritance platform
Ensure your loved ones will inherit all your assets!
Estate planning is essential in securing your legacy and ensuring the future welfare of your loved ones. A lack of awareness or information regarding asset access can introduce complications and needless stress for beneficiaries. Proper estate planning is pivotal in preserving your legacy and offering the necessary support to your loved ones in your absence.
In this article, we’ll simplify the process for you by outlining the steps to safeguard your legacy and guiding you on how to optimally use our tool for this purpose.
- Seperate assets – Create a separate asset entry for each of your belongings. This ensures clarity and specificity when your beneficiaries will receive their designated assets. Refrain from grouping multiple assets into one entry, as this may lead to confusion and complications later on.
- Some assets necessitate special consideration during estate planning. Ensure you have created assets in OSTREON Inheritance for these important items:
- Your Will – Craft a detailed will that’s compliant with the legal standards of both your and your beneficiaries’ local jurisdictions. Update your will to account for life changes. Engage with a certified legal consultant acquainted with your local laws to guarantee your will meets necessary regulatory standards and will be valid to exectue when the time comes. Append all essential files such as documents, scans, videos, etc.
- TIP: If your video file is too large, upload it to a cloud file storage like Google Drive, DropBox, or Onedrive, marks its permission as visiable (view only) to anyone with the link, and attached the link in the description of your asset.
- Password Manager – Utilizing a password manager can significantly enhance the security of your credentials, especially when generating long, random passwords. Consider creating an asset entry for your password manager, along with the 2FA (Two-Factor Authentication) associated with it. For assets that require login details (like bank accounts, investment accounts, etc.), you can simply refer to the entry name in your password manager. This eliminates the need to update every time you change a password for an asset.
- Note on Privacy: This TIP comes with privacy considerations. Ensure you’re comfortable with your beneficiaries accessing all the stored information in your password manager when necessary. If you’d rather keep your password manager private, we have an alternative solution. Click here to learn more.
- Two-Factor Authenticator – To enable that your beneficiaries can access your assets and to streamline the creation of your inheritance tree, include your 2FA method as an asset within OSTREON Inheritance. Offer guidance to your beneficiaries on using that specific 2FA for a particular asset in the designated field for assets with credentials. You can include details about every type of 2FA: whether it’s authenticator app credentials/secret codes, login information for your email inbox for 2FA OTP codes, the hash or secret code for a physical security key, and more.
- Your Will – Craft a detailed will that’s compliant with the legal standards of both your and your beneficiaries’ local jurisdictions. Update your will to account for life changes. Engage with a certified legal consultant acquainted with your local laws to guarantee your will meets necessary regulatory standards and will be valid to exectue when the time comes. Append all essential files such as documents, scans, videos, etc.
- Add relevant documents – When listing each asset, ensure you provide all necessary information that will enable your beneficiaries to legally claim ownership. This should include contract numbers, certificate of ownership, holder names, company contact details, and any specific instructions or guidelines vital for the process. Comprehensive details will facilitate a smoother asset transfer for your loved ones.
- Trusted advisors – Some assets might necessitate specific skills, experience, or expertise for effective management. In these scenarios, think about designating a “trusted advisor” for such assets. This person can offer essential guidance and support to your beneficiaries, assisting them in addressing any intricacies tied to the asset while only your beneficiary receiving the information about the asset.
- Planning for Multi-Priority Levels Beneficiaries – it’s advisable to assign each asset to a minimum of two beneficiaries, one in each priority level. This approach ensures that your assets are first allocated to those in priority level 1. If, for any reason, they cannot access their designated beneficiary space in OSTREON Inheritance within the time frame you’ve set for this priority level in your inheritance tree, then beneficiaries at priority level 2 will be informed about those assets. This strategy ensures that no assets go unclaimed if unforeseen circumstances affect both you and your primary beneficiary.
Some more considerations to guide you in planning your multi-priority levels strategy:- If a priority 1 beneficiary access their space within their designated time frame, the assets assigned to them will not be visible to priority 2 beneficiaries. This underlines the essence of ‘priority.’
- If priority 1 beneficiary accesses their space after a priority 2 beneficiary, for any reason, both beneficiaries will have visibility to these shared assets. Note that once assets have been exposed to a beneficiary at least once, they will not be removed from that beneficiary’s portal.
By adhering to the recommendations outlined in this article and making use of our tool, you can confidently ensure information about your assets will be passed on to your beneficiaries exactly as you intend. This not only provides peace of mind for you but also for your loved ones. Begin your estate planning journey today and secure the future for those who matter most to you, when they’ll need it the most.
